Historic trade deal at WTO summit - Bali

Indonesian trade minister Gita Wiryawan, right, shakes hands with World Trade Organisation 

director general Roberto Azevedo during the closing ceremony in Bali. (AP/Firdia Lisnawati)

Indonesia's dream tourists place Bali was the host to a historic deal to boost global trade, approved by the World Trade Organisation's 159 member economies for the first time in nearly 20 years.

Overwhelmed by the deal, WTO director general Roberto Azevedo shed tears during the summit's closing ceremony as he thanked host nation Indonesia, WTO member countries and his wife.

"We have put the world back into the World Trade Organisation," he said. "For the first time in our history, the WTO has truly delivered."

The talks were threatened at the 11th hour when Cuba objected to removal of a reference to the decades-long US trade embargo that Cuba wants lifted.

Besides, India had also been an obstacle because of its vociferous objections to provisions that might endanger grain subsidies aimed at ensuring its poor get enough to eat.

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Turkey pays the price for US Sanctions on Iran by its dwindling gold-for-oil export

Turkey, which is a US ally, is paying the price of the US imposed sanctions on Iran as its gold-for-gas trade with Iran is shrinking.

As per Reuters, U.S. officials have sought to prevent Turkish gold exports, which indirectly pay Iran for its natural gas, from providing a financial lifeline to Tehran, largely frozen out of the global banking system by Western sanctions over its nuclear program.

Turkey, Iran's biggest natural gas customer, has been paying Iran for its imports with Turkish lira, because sanctions prevent it from paying in dollars or euros.

Iranians then use those lira, held in Halkbank accounts, to buy gold in Turkey, and couriers carry bullion worth millions of dollars in hand luggage to Dubai, where it can be sold for foreign currency or shipped to Iran.

The gold exports from Turkey to Iran rose to $6.5 billion in 2012, more than ten times the level of 2011, while exports to the United Arab Emirates - much of it for onward shipment to Iran or conversion to hard currency - rose to $4.6 billion from $280 million.

However, due to the US sanctions, the Turkish bullion exports have fallen to 10.5 tonnes in December from 15.2 tonnes in November.

Read more about it at: Reuters
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China to enhance trade ties with Pakistan

The Chinese government is making an all-out efforts to enhance economic relations with Pakistan by aggressively exploring opportunities for investment and joint ventures in various sectors and the establishment of Nanchuan Industrial Park Business Development Centre would help achieve the goal.

Director General of the Nanchuan Industrial Park (NIP) in Xining city of Qinghai province Huang Guojun stated this, while speaking at the Lahore Chamber of Commerce and Industry on Tuesday. Guojun is heading an eight-member delegation.

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The NIP Director General said the Centre was the latest example of Chinese efforts to increase Pakistani entrepreneurs' links with their Chinese counterparts. Connections like these are important because entrepreneurs unlock growth, he added.

Read more: Business Recorder

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India Inc for trade-based Indo-Pak ties

A team of Indian business tycoons made history on Sunday when they crossed the Radcliffe line at the India-Pakistan border at Attari to meet their counterparts in Pakistan.

The group of business leaders form part of the 45-member delegation, led by Confederation of Indian Industry (CII) president and Godrej chairman Adi Godrej, who will be meeting key Pakistani businessmen, ministers and officials in Lahore at the two-day Aman ki Asha Indo-Pak Economic Conference.

[ via TOI ]

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UAE businesses suffer from sanctions against Iran

The West’s crackdown on trade and financial transactions is being most keenly felt among the Iranian traders that call the UAE home, with hundreds of legitimate companies that trade with Iran being forced to shut down and, in some cases, IRGC companies being driven further underground.

Authorities in the UAE have shut down dozens of companies illegally trading with Iran. The United States has also singled out specific Dubai-based banks, recently forcing Noor Islamic Bank to cease channelling billions of dollars from Iranian oil sales through its accounts. Despite these measures, some IRGC companies have simply found new ways to circumvent sanctions.

“Business has never been better,” said the finance manager of one Iranian company, controlled by the IRGC, with a satellite office in the Dubai World Trade Centre.

Read details: The Global and Mail

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India, China to maintain ties with Iran despite US, EU sanctions

India and China on Wednesday indicated that they will continue to maintain normal relations with Iran, while citing high crude oil prices and energy security concerns.

The Chinese Commerce Minister, Mr Chen Deming, said China respects all the United Nations resolutions. However, in a veiled reference to the US sanctions on Iran, he added that Beijing is not obliged to follow the domestic rules and regulations of any particular country.

Incidentally, China, India and South Africa are dependent on Iran for their crude oil supplies. Brazil and Russia also raised concerns over the increase in crude oil prices following the sanctions being imposed on Iran by the US and European Union.

Echoing the Chinese Commerce Minister, the Commerce, Industry and Textiles Minister of India, Mr Anand Sharma, maintained that India is also not in violation of any UN resolutions. "Energy security is important. Iran is an important source of our energy supplies," Mr Sharma said.

Read more: Business Line

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Largest Indian business delegation to visit Pakistan Monday

In a bid to increase bilateral trade between the two contiguous countries, though warring neighbours since decades, a largest ever business delegation from India, headed by the Indian Commerce and Industry minister, comprising some 150 members is visiting Pakistan four four days starting Monday tomorrow. The delegation also brings along an 'India Show" to Lahore to introduce Indian made products.

Co-hosted by the two leading Indian business chambers, the event will mark the first visit of an Indian trade minister to Pakistan in 30 years in an exercise aimed at ramping bilateral trade to $10 billion in three years.

The delegation includes some top names from India's corporate world, like Bharti Enterprises; Hero Corporate Services; Modi Enterprises; JK Paper; Jet Airways; Bharat Hotels; and Mahindra Holidays and Resorts.

Read details: ARY News

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WTO approves EU duty waiver for Pakistan

The World Trade Organization has approved a European Union waiver on duties for 75 products from Pakistan, a scheme intended to boost textile exports to help Pakistan recover from massive floods in 2010.

Other textile exporters, such as Brazil, India, Indonesia and Bangladesh, had opposed the plan but dropped their objections after the EU amended the scheme to use tariff rate quotas on 20 products rather than full liberalization.

[ via The News / 2 Feb ]

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Swiss central bank chief resigns over wife's currency trades

[ via LA Times ] 9 Jan

After days of saying he wouldn’t, the chairman of Switzerland’s central bank abruptly resigned Monday, brought low by a swirling controversy over foreign-exchange transactions that made tens of thousands of dollars for him and his wife.

The decision followed weeks of criticism that his integrity had been badly compromised by currency trades made by his wife, Kashya, who took advantage of central bank policies to earn a hefty profit.

Read more: LA Times

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Wall Street finishes mostly flat in thin trade

[ via Reuters ] 27 Dec

Stocks ended flat on Tuesday after fluctuating between small gains and losses in a light-volume session, as investors took a breather following a 5 percent rally last week.

The S&P 500 turned positive for the year on Friday, with improving economic data boosting equities. Gains were amplified by better-than-expected data on consumer confidence, which hit an eight-month high in December, as Americans grew more upbeat about the labor market and their financial situations.

But after a strong rally and with trading volume light, investors were reluctant to draw many conclusions from the move.

Read more: Reuters

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Japanese PM Noda in India on economic mission

[ via Channel News Asia ] 27 Dec

Japanese Prime Minister Yoshihiko Noda arrived in New Delhi on Tuesday, for a visit that is expected to unveil a currency swap deal and reopen talks on a civil nuclear pact.

Coming hard on the heels of a trip to China where the main talking points were geopolitical - particularly in the aftermath of the death of North Korean leader Kim Jong-Il - Noda's visit to India will be heavy on business.

In a meeting Wednesday with Indian counterpart Manmohan Singh, the two are expected to sign a dollar-swap accord worth up to $10 billion, through which Tokyo would provide capital when the rupee falls against the US unit.

It may be added that the Indian rupee has plunged about 15 percent against the dollar this year, making it the worst performing currency in Asia.

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USA asks South Korea to Cut Petrochemical Imports from Iran

[ The New York Times ] 5 Dec

A senior American diplomat urged South Korea on Monday to suspend imports of Iranian petrochemicals as Washington tried to rally international pressure on Iran to stop its nuclear program, reports the NY Times.

South Korean imports of Iranian petrochemicals amount only to $300 million a year. Still, the country fears damaging its other trade ties with Iran, especially crude oil imports. Iran is the fourth-largest source of  crude oil for South Korea, accounting  for 10 percent of its oil imports.

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China’s Wen warns “outside forces” off South China Sea dispute

[Full Story: Dawn News] 18 Nov

"Chinese Premier Wen Jiabao said on Friday that “outside forces” had no excuse to get involved in a complex dispute over the South China Sea, offering a veiled warning to the United States and others not to stick their noses into the sensitive issue," reports Dawn quoting Reuters.

While the White House says U.S. President Barack Obama will bring up the issue at another summit on Saturday, also in Bali, China has said it does not want it discussed, preferring to deal with the problem bilaterally amongst the states directly involved.

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Bangladesh thwarts EU help for Pakistan at WTO

Full Story: Express Tribune 9 November

Bangladesh has thwarted a European attempt to grant beneficial import conditions to Pakistani textile makers as an aid measure following Pakistan’s devastating floods last year, diplomats said on Tuesday, reports Express Tribune

Bangladesh which competes with Pakistan for textiles sales to the European market, halted a long-announced plan for trade preferences for Pakistani textile makers to be approved during a meeting of trade diplomats in Geneva on Monday.

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Russia and Pakistan Agree for FTA and currency swap agreement

Full Story: Express Tribune November 8, 2011

The visiting Pakistani PM, who is in St Petersberg to attend the 10th Heads of Government meeting of the SCO, has met with his Russian counterpart Vladimir Putin and held wide ranging talks to strengthen relations by increasing cooperation in energy, trade, infrastructure development, agriculture, business cooperation and people to people contacts. 

The leaders also expressed the willingness to speed up work on the proposed Free Trade Agreement (FTA) and currency swap arrangement to boost bilateral trade and further strengthen their economic ties.

The Russian PM has been quoted as saying that relations between Pakistan and Russia have reached a level, where both the countries were in a position to enhance trade, measuring up to their strong ties. 

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MFN Status to India by Pakistan make Indian traders clap

Full Study: Hindustan Times 3 November 2011

Indian border security soldier allows vegetable laden truck to cross over (Photo: Market Watch)

The Most Favoured Nation Status (MFN) announced by Pakistan fro India make Indian traders clap as it will boost bilateral trade between the two countries and find a new market next door for Indian vegetables and other commodities. India in return imports  fresh fruits, dry fruit, dry date, gypsum, rock salt and some other items from Pakistan.

The two countries, besides using the road network, also use the railways to import/export heavy items in bulk. India is a big importer of cement from Pakistan.

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Pakistan Grants India the "Most Favored' Nation" Status

Full Story: Radio Free Europe - Radio Library November 2, 2011

Although Pakistan And India enjoy very tense relations, the Pakistani government has granted the Most Favoured Nation (MFN) status to India Wednesday. The move comes as part of recent initiative from both sides to boost bilateral trade, if not bilateral harmony and peace.

Pakistani Information Minister Firdous Ashiq Awan has been quoted as saying:   

The decision was "unanimously approved" by Prime Minister Yusuf Raza Gilani's cabinet, which will bring economic benefits to us and this decision has been taken in the national interest."

India and Pakistan's animosities may not ease though by this MFN status, as the two countries have four wars mainly to resolve an over six decades long dispute over the Jammu and Kashmir region. 

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Armed Guards for British Flagged Merchants Ships Sailing Around Horn of Africa

Full Story: VOA  October 30, 2011

The British Prime Minister David Cameron  says:

British-flagged merchant ships sailing the Horn of Africa will be authorized to carry armed guards to ward off pirates.

It may be recalled that sea pirates from war torn Somalia move freely in waters close to Somalia and Horn of Africa, plunder merchant ships and take crew hostages for huge ransoms. Now under the proposed law, weapons use would be permitted in the Gulf of Aden and the Arabian Sea. 

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